Houston-based Verde Clean Fuels said last week it executed a joint agreement with Cottonmouth Ventures for the proposed development, construction and operation of a facility in Martin County to produce commodity-grade gasoline using associated natural gas from Diamondback Energy in Permian Basin.  Cottonmouth is a subsidiarity of Midland’s Diamondback.  The agreement provides “a pathway forward […]

Texas comptroller Glenn Hegar recently said state sales tax revenue in January 2024 totaled $4.02 billion – 2 percent less than January 2023.  The majority of January sales tax revenue is based on sales made in December and remitted to the agency in January. Hegar said Feb. 3, “For the second time since pandemic restrictions […]

Texas dropped 2 rigs in the past week to fall below 300 active drilling rigs for the first time since October 2023.  Baker Hughes reported as of Feb. 16 there were 299 rigs in Texas (301 previous week, 370 year ago), 312 in Permian Basin (313 previous week, 352 year ago), 101 in New Mexico […]

All seven regions in the latest Enverus day rate survey saw rates increase in January for the second time in three months “as confidence started to strengthen among U.S. land drilling contractors.”  The January gains were modest – ranging from 0.58 percent to 1.36 percent.  The U.S. composite rate increased in January by $218 to […]

Midland-based Midway Energy Partners announced recently closing of an equity commitment from investment funds managed by Houston-based private equity firm Post Oak Energy Capital.  Midway said it seeks to leverage its execution capabilities in an “acquire and exploit” strategy across the Permian Basin. Brady Adams, COO, said Feb. 7 “Our experienced team is well positioned […]

Houston-based Plains All American Pipeline said recently it expects to increase its Permian Basin gathering tariff volumes by about 275,000 barrels per day to 2.92 million b/d during 2024.  And Plains forecast total Permian crude production to increase by 200,000-to-300,000 b/d from yearend 2023 to yearend 2024. The pipeline and storage operator said Feb. 9 […]

U.S. Federal Energy Regulatory Commission Thursday approved two projects to enhance natural gas exports, including one in Texas.  FERC approved a permit for ONEOK to build and operate Saguaro connector natural gas pipeline border crossing from Hudspeth County into Mexico.  The proposed 2.8 Bcfd connector will use 155 miles of 48-inch pipe to transport Permian […]

Enverus said this week Permian Basin leads the U.S. with 96 frac crews – down from 109 the previous week and 134 a year ago.  As of Feb. 13, there were 40 crews in Gulf Coast and 22 in Rockies.  Permian also leads in DUC wells (drilled but uncompleted) with 2,066 followed by 905 in […]